1718 LAWS OF MARYLAND. [CH. 985

than a life insurance company or fraternal benefit association,
shall have more than ten per cent of its total admitted assets
invested in, or loaned upon the securities of any one institu-
tion; but this restriction shall not apply to the classes of
governmental obligations (including those eligible under
Paragraph (e), Sub-division (6) of Sub-section (3)) eligible
for minimum capital investments of such insurer nor to in-
vestments in stocks of other insurance companies. No domestic
stock or mutual insurance company or Lloyds Association, other
than a life insurance company or fraternal benefit association,
shall hereafter acquire any real property of the kind or kinds
specified in Paragraphs (a) and (b) of Sub-division (8) of
Sub-section 3 if the value of such real property, together with
the value of all such real property then held by it, exceeds
ten per centum of its total admitted assets.

6. DISPOSAL OR REDUCTION OF INVESTMENTS
UNLAWFULLY ACQUIRED.

Every domestic stock and mutual insurance company and
Lloyds Association, other than a life insurance company or
fraternal benefit association, shall dispose of any investments
acquired in violation of the law in force at the date of such
acquisition, and in any determination of the financial condi-
tion of any such insurer, the amount of the value of such in-
vestments, if wholly ineligible, or the amount of the value
thereof in excess of any limitation prescribed in this Act,
shall be deducted as an unadmitted asset of such insurer.

7. INVESTMENTS OF FOREIGN AND ALIEN INSURERS.

(1) The Commissioner may refuse a new or renewal license
to any foreign insurer, if he finds that its investments do not
comply in substance with the investment requirements and
limitations imposed by this Act upon like domestic insurers
hereafter organized to do the same kind or kinds of insurance
business. The Commissioner may recognize like securities of
the home state of a foreign insurer as minimum capital invest-
ments in lieu of the securities specified in sub-paragraphs (b)
and (d) of Sub-section (1).

(2) No alien insurer shall be authorized to do business in
this State unless its general state deposits and its trusteed
assets comply in substance with the requirements and limita-
tions of this Act applicable to like domestic insurers hereafter
organized to do the same kind or kinds of insurance business,
except that foreign investments shall be allowed to the follow-
ing extent only: